For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Banks That Offer Upto 9% Interest Rates On Fixed Deposits

|

Here are a list of banks that offer upto 9% interest on fixed deposits. Most of the good interest rates being offered are from small finance banks, though even larger private banks have hiked their interest rates.

 

Unity Small Finance Bank FDs

Unity Small Finance Bank FDs

For a tenure of 501-days the bank offers an interest rate of 9% for senior citizens and the interest rate is 8.5% for regular deposits. This is probably the best that it gets from small finance banks in the country. We would recommend that investors invest a sum of Rs 5 lakhs or less as the amounts are insured. Having said that we are in no way implying that the deposits are not safe. All we are saying is that if you are a risk averse investor it is better to invest less than Rs 5 lakhs. If you are looking at interest rates for a very short tenure of 180-days, here again the bank offers an interest rate of 8.5% for regular deposits and 9% for senior citizens.

Suryoday Small Finance Bank fixed deposits
 

Suryoday Small Finance Bank fixed deposits

This bank offers an interest rate of 8.51% on 999-days deposits. Senior citizens on the other hand are given an interest rate of 8.76%. This is not bad at all considering the present interest rate regime. Again, being a small finance bank, we would advise investors to place amounts of less than Rs 5 lakhs. The DICGC, which is owned by the Reserve Bank of India insures deposits amount upto Rs 5 lakhs in totality across your accounts in the banking sector.

Ujjivan Small finance Fds

Ujjivan Small finance Fds

The bank offers an interest rate of 8.2% on 80-weeks deposits. There is no difference in interest rates being given to senior citizens. So, regular deposits and deposits for senior citizens would fetch the same interest rates. A tenure of 561 days to 989 days gives an interest rate of 7.70%, while 990 days fetches an interest rate of 7.95%. We would like to inform readers that interest rates may have peaked and hence it is advisable to look for tenures that are long-term.

Looking for stability and longer term

Looking for stability and longer term

Most analysts believe that interest rates may now have peaked and from here on they could be stable for a few months and than start falling. It is therefore a good idea to park money in fixed deposits for tenures ranging from 3 to 5 years. This way if interest rates fall, you have locked money at higher interest rates.

 

Read more about: fixed deposits fixed deposit
Story first published: Monday, January 9, 2023, 10:43 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X